Risk Register Guide

A business will never be able to anticipate every risk event that could occur within its value chain, but by implementing a risk register and risk management policy, businesses can prepare to respond quickly to the most serious and likely risks. 

A risk register is a practical log (often a spreadsheet or database) that records potential risks to an organisation. It provides an up-to-date assessment of the nature, likelihood and potential impact of a broad range of risks that may directly impact the business. It serves as a key risk management tool, supporting regulatory compliance and, increasingly, ESG (Environmental, Social, and Governance) objectives. 

A risk management policy (or business resilience policy) sits alongside the register and sets out the framework (the principles, responsibilities, and processes) for risk management, ensuring that risks are proactively addressed and controlled.